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Secondary Income

Three Ways to Create a Lasting Secondary Income

With so many major events happening over the last couple of years, it’s been an anxious time for people’s bank accounts. The pandemic, the energy crisis, and Russia’s invasion of Ukraine have all exacerbated the already-skyrocketing cost of living. To keep afloat, more and more people are turning to alternative options to make an income.

And even a little extra can make a massive difference for the better. For example, an extra £200 a month can help you keep on top of your energy bills.

So if you’re also looking to start a second income stream, here are a few ways to start your journey.

  1. Sell your skills

Are you a dab hand at digital design, a wicked wordsmith, or a secret social media mogul? Websites like Fiverr, Upwork and People Per Hour provide a platform for people of all kinds of skills and skill levels to show they’re available for work.

Or maybe you prefer being active, or are an experienced pet parent. Sites like TaskRabbit allow you to offer your services for odd jobs, while Rover and Cat in a Flat let you sign up as a dog walker or pet sitter.

It’s not enough just to create a profile and wait for the requests to come in, though. After all, you’ll be competing against many others offering similar services to you. So the trick is to stand out, and to do so you need to be competitive.

  • Research what your industry peers are charging for their services – and charge both according to this and your level of experience.
  • Put as much detail about your skills in your profile as possible – why should someone hire you and not someone else?
  • Get reviews of your work – when it comes to credibility, nothing speaks louder than social proof.
  • Go above and beyond – the happier someone is with your work, the more likely they are to be a repeat customer, or recommend you to their friends.
  1. Reach out to your network

If you start selling your skills and services, your first customers will likely be your friends and family – who can in turn refer their own network to you.

It’s a great opportunity to strengthen and make new connections while working from home, too. Thanks to our phones and the internet, gone are the days when the only way to network is to show up at an office or get invited to special events.

And depending on the service you’re selling, your business could also help solve other people’s pain points. Whether it’s saving them time, offering extra benefits other services don’t, or both.

For example, Utility Warehouse is a multiservice provider that bundles all the services a customer takes with them onto a single, monthly bill. It also offers additional savings for taking multiple services, and a Partner programme that lets people register as licensed distributors – and you don’t have to be a customer to be a partner.

Partners earn money by signing up new customers and helping them save on their bills, both in the form of upfront commission and ongoing residual income. You can download their free app here on the App Store or here on Google Play to see what services they offer.

Research conducted by Utility Warehouse in October 2021 shows one in four Brits have taken to boosting their earnings with a secondary income stream. Surveying 2,000 employed adults, the organisation found a whopping 58% of those working more than one job are motivated by making ends meet, and 38% want to simply increase their disposable income.

  1. Make the assets you already have work harder for you

Got a car? A lot of Uber drivers drive as a second job. And whether you have a car, bike or scooter, food delivery apps like Uber Eats and Deliveroo let you sign up and become a paid courier. Unused parking spaces can also be listed as available to rent on sites like JustPark, too.

If you own a home, Airbnb lets you rent it – or available rooms within it – by becoming a ‘host’. It’s also possible to become an Airbnb host if you’re renting your home, but you’ll need to have a chat with your landlord for permission first as it’s considered a form of subletting.

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